Friday, 27 April 2018

Bank Nifty Spot Outlook for 27th Apr

BANK NIFTY

Bank Nifty spot opened at 24833.20 and made a low of 24753.40, it made a high of 25064 before closing at 25010.90

Had mentioned that long positions can be taken above 24865 and short positions can be taken below 24765. Bank Nifty triggered our short trade but did not sustain and reveresed to take our stoploss. Bank Nifty then triggered our long trade and completed all targets for the day .

Now this week Bank Nifty breaking and sustaining above 25075 can test 25210 - 25245 and on sustaining above it we can a further upmove till 25360 - 25490 next .Similarly in the coming session Bank Nifty breaking and sustaining below 24815 we can see a test of 24680 - 24645 initially and breaking and sustaining below it we can see a further correction till 24530 - 24400 next . Though Bank Nifty has broken above 25075 twice this week but it has failed to sustain / close above it .

Had mentioned previously " Now for the month of April , Bank Nifty longs will get confirmed with a consecutive close above 24880 for a initial target of 25525 - 25690 and sustaining / closing above it we can see a further test of 26250 - 26865 . Similarly , shorts will get confirmed with a consecutive close below 23650 for a initial target of 23000 - 22835 and sustaining / closing below it we can see a further test of 22275 - 21665 .", Bank Nifty has confirmed our long trade and we were expecting to see a test of 25525 - 25690 initially but Bank Nifty has so far only made a high of 25426.75 and faced selling pressure.

Now in the coming session Bank Nifty breaking and sustaining above 25070 can test 25130 - 25145 and on sustaining above it we can see a further upmove till 25195 - 25250 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24955 we can see a test of 24895 - 24880 initially and breaking and sustaining below it we can see a further correction till 24825 - 24770 next .

Bank Nifty Spot Levels for the day are

Long above 25070 for 25105 – 25145 – 25250 , SL 24995

Short below 24955 for 24920 – 24880 – 24770 , SL 25030

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.